Kiddie Condo Loans refer to a FHA provision that allows for non-occupying co-borrowers.  Parents like us, with kids in college, come out a LOT better owning a unit with the student, and renting it back out.  We've done many of these for our friends - and most of them were NOT condo units.  It's just an industry slang term for the loan that only requires a minimal invstment (less than 5% normally covers all costs), and does not require the student to be employed full time - or have a credit score established.

We used this program for a family that moved here and wanted their dad to live in Cary.  Their mom died a few years earlier - and her illness pretty much wiped out their dad's cash... He also didn't have a ton of income.  Using the non-owner occupied co-borrowing of the FHA loan, we were able to get Grandpa a loan in a nice ranch near their home! He could live independantly - and everyone was happy!

Wondering how Social Security Income works with FHA?  Well, we can gross it up 115%!  So if you need the Social Security income to qualify with another family member - that's allowed.

If you or your family are looking for a mortgage loan in Cary or Raleigh, please call Steve and Eleanor Thorne,River Community Bank, 919-649-5058